Financial technology, also widely known as fintech, involves smartphones and related devices to compete with traditional banking services. It includes services such as digital payment and digital currencies.

A flood of changes has swept over Britain during the last nine years, with fintech companies gaining ground over traditional financial services by expanding their business into mobile payments, digital wallets and digital currencies. As a result, the British fintech industry has seen a tsunami of investments this year, becoming the country's new growth engine.

"British government efforts have jacked up the fintech industry up to become one of the global leaders," Choi said, adding Britain would be a great precedent. The size of the global fintech industry is estimated at $3.3 trillion, while South Korea's stands at $51.2 billion, according to academic data.y.